Content about Bankruptcy

May 14, 2013
Handy welcomes DIP financing deal

Handy Hardware Wholesale said it welcomed the bankruptcy court approval of its debtor in possession (DIP) financing loan modification that brings funding from Littlejohn Management Holdings. 

Littlejohn, which agreed to acquire Handy and shed its co-op structure as it emerges from bankruptcy, will provide a $4 million DIP loan, funding that will commence this week. 

May 6, 2013
For Handy Hardware, a sale and a sea change

April 29, 2013
Handy faces future as private distributor

Back in March, Handy Hardware was a member-owned co-op intent on staying that way, even as it struggled through a reorganization under bankruptcy protection.

April 25, 2013
Sold: Handy Hardware to Littlejohn

Handy Hardware Wholesale, the Houston-based co-op that filed for bankruptcy protection in January, announced that Littlejohn Management Holdings has agreed to acquire Handy.

April 11, 2013
Handy Hardware eliminates executive position

Lynn Bradley, senior director, retail development, is out at Handy Hardware Wholesale, a cost-cutting move according to the Houston-based co-op.

January 15, 2013
Handy elaborates on Chapter 11 filing

In a letter to members, Handy Hardware Wholesale said it is not going out of business, but it asked members to show support for Handy during its reorganization and to be patient during the process.     

On Friday afternoon, Handy announced it filed for Chapter 11 bankruptcy protection in hopes of reorganizing and re-emerging by early summer 2013.

December 13, 2012
Comeback!

Salt Lake City — Near BMC’s West Jordan, Utah, facility, a builder is planning 177 new homes on a single plat. The project is expected to take place during a six-month window of construction.

For John Osborne, BMC sales manager for Utah, it’s BMC time.

December 7, 2012
W.T. Harvey files Chapter 11

W.T. Harvey, once one of Ace Hardware’s largest LBM dealers, has filed Chapter 11, according to an article in the Columbus Ledger Enquirer. The Columbus, Ga.-based chain, which once operated seven locations in Georgia and Alabama, never recovered from the 2008 housing market collapse, according to president and CEO Bailey Gross.

October 25, 2012
Passing the gavel in Savannah

Savannah, Ga. -- At a gathering of 200 pro dealers and suppliers here, the National Lumber and Building Material Dealers Association (NLBMDA) board of directors introduced a new leadership team headed by Chuck Bankston, president of Bankston Lumber in Barnesville, Ga. The Oct. 24 installation was held during the ProDealer Industry Summit, a three-day event jointly sponsored by the NLBMDA and Home Channel News.

June 8, 2012
Former dealer opens another store -- 20 years later

Jim Cohen has been wanting to run a hardware store ever since he sold Central Hardware, a Brighton, Mo.-based chain of home improvement stores, in 1989. Founded by his great-grandfather in 1903, the company grew to about 38 stores in six states at its peak, according to an article in the St. Louis Post Dispatch.

January 13, 2012
Advice for ProBuild's incoming chief executive

One of the top stories this week was the introduction of Robert Marchbank as CEO of Denver-based ProBuild Holdings. Marchbank is s former executive with Wolseley, where he led European businesses, among other positions.

November 22, 2011
All American Home Center to close

Downey, Calif.-based All American Home Center is closing after more than 50 years of business.

According to the Downey Patriot newspaper, the retailer hired Gordon Brothers Group to handle the liquidation of inventory, a process that will run into next month. 

August 12, 2011
California LBM chain closes

Moss Lumber & Hardware Co., a Northern California chain of four lumberyards, filed for Chapter 7 bankruptcy and closed suddenly on May 10, according to an article in the Redding Record Searchlight.

The family-owned operation, founded in 1946, had locations in Redding, Red Bluff, Chico and Fresno.

August 11, 2011
Lyman Lumber files for Chapter 11

Lyman Lumber, a nine-unit LBM chain based in Excelsior, Minn., has signed a letter of intent to sell its operations to SP Asset Management, according to an article in the Minneapolis-St. Paul Business Journal.The 114-year-old company also plans to file for Chapter 11 bankruptcy, the article said. 

August 11, 2011
Lyman Lumber files for Chapter 11

Lyman Lumber, a nine-unit LBM chain based in Excelsior, Minn., has signed a letter of intent to sell its operations to SP Asset Management, according to an article in the Minneapolis-St. Paul Business Journal.The 114-year-old company also plans to file for Chapter 11 bankruptcy, the article said. 

August 7, 2011
Merit Group comes under new ownership

Centre Lane Partners, a New York-based private equity firm, has become the new owners of The Merit Group, a distributor of paint sundry- and drywall-related products. The company will continue to operate under the current management team and business structure, according to the announcement. 

July 11, 2011
Second West St. Paul hardware store closes

An article on Twin cities.com reported Suburban Ace Hardware of West St. Paul, Minn., began a liquidation sale last week. 

The closing comes several months after the closing of Langula Hardware, also in West St. Paul, according to the article.

Suburban Ace Hardware had operated for 56 years. 

July 6, 2011
Arizona home builder to exit Chapter 11

Fulton Homes, one of Arizona’s largest privately-owned home builders, has announced the confirmation of its reorganization plan in U.S. Bankruptcy Court.

June 30, 2011
Tennessee store reopens after bankruptcy

According to an article in The Tennessean newspaper, a Mount Juliet, Tenn., store has new investors and new traffic patterns.

The Ace Hardware store in Mount Juliet closed last month after it filed for bankruptcy, according to the article. Nashville investor Steve Curnutte partnered with Tennessee Ace dealer Steve Avery to reopen the store.

June 30, 2011
Tennessee store reopens after bankruptcy

According to an article in The Tennessean newspaper, a Mount Juliet, Tenn., store has new investors and new traffic patterns.

The Ace Hardware store in Mount Juliet closed last month after it filed for bankruptcy, according to the article. Nashville investor Steve Curnutte partnered with Tennessee Ace dealer Steve Avery to reopen the store.

June 16, 2011
Teufel Nursery hits post-bankruptcy milestone

Teufel Nursery, a landmark Portland, Ore., garden center and landscaping business that filed for bankruptcy protection in 2009, has paid off a major creditor, according to an article in the Portland Business Journal. 

June 7, 2011
Merit Group names purchasing exec

The Merit Group, a nationwide distributor of paint sundries that does business as Lancaster and Five Star, has announced the appointment of Mike Smith as its new VP procurement. Smith will succeed Pat Rourke, who served as VP procurement since 2003.

Smith has been in the role of president of Merit Supply, a division of the Merit Group specializing in the automotive aftermarket, for the past 11 years and will continue to oversee this division in his new role. Prior to that, Smith held the positions of VP purchasing and purchasing director from 1992 to 2000. 

May 17, 2011
Merit Group files Chapter 11

The Merit Group, the nation’s largest distributor of paint sundry products, has filed a voluntary petition for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of South Carolina. The Spartanburg, S.C.-based firm, parent company of Lancaster and Five Star, has obtained a commitment for a $55 million debtor in possession of financing from its senior lender, Regions Bank, so it can continue operations without interruption during the reorganization process.

April 8, 2011
Fiesta Gas Grills files for Chapter 7

According to a report in the Nashville Business Journal, Dickson, Tenn.-based Fiesta Gas Grills filed for Chapter 7 bankruptcy protection. 

According to the article, the company listed more than $35 million in liabilities and $15,000 in assets, with the largest secured creditor being Ontario-based Wolfdale Engineering, maker of propane cylinders.

March 30, 2011
UGL files for Chapter 11

Dogged by asbestos claims, United Gilsonite Laboratories (UGL) has filed a voluntary petition for Chapter 11 bankruptcy reorganization in a Pennsylvania U.S. district court. The paint and coatings manufacturer is seeking court approval to establish a trust fund to settle outstanding claims and an injunction preventing asbestos-related awards except though the trust.

UGL used asbestos in joint compound but discontinued the practice more than 30 years ago, according to the company.

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